Canadian Net Earnings Flat for Great-West LifecoBy Andrew Rickard | November 11 2014 01:28PM
Great-West Lifeco (GWL) has reported its financial results for the third quarter of 2014. The company's overall net earnings attributable to common shareholders came to $687 million or $0.687 per common share for the three months ended September 30, 2014. This represents an increase of 31% over the same period last year, when the insurer reported earnings of $523 million or $0.527 per common share.
In Canada, the company collected premiums and deposits of $5,468 million during the quarter, up from $5,078 million in the third quarter of 2013. GWL attributes this gain to "strong persistency and growth in large single group premium sales and increased segregated and mutual fund deposits". The company also reported Canadian sales of $2,747 million, up from $2,389 million during the same period last year, as well as $360 million in fees and other income, which is an increase of $39 million compared to 2013. However, Canadian net earnings were slightly lower, down to $330 million from the $332 million reported in the third quarter last year.
All three GWL subsidiaries reported higher Minimum Continuing Capital and Surplus Requirements (MCCSR) ratios this quarter. At September 30, 2014 Great-West Life’s MCCSR ratio was 233% (223% at December 31, 2013). London Life’s was 260% (238% at December 31, 2013), and Canada Life's was 238% (231% at December 31, 2013).